If I was looking for a card in the $200-$300 range, the 1.5 GB VRAM would almost be a deal-breaker for me. Seriously. If you enjoy high-resolution textures, 2 GB GDDR5 minimum is a must at 1080p.
With 1.5 GB, you can forget about properly running 1440p, 1600p, or multi-monitor setups, especially with the 192-bit memory interface. It is not at all future-proof. Future games that are optimized for PC hardware and running the latest graphics engines (Frostbite 2, Unreal 4.0) will quickly be bottlenecked by the lack or VRAM/bandwidth.
Luckily consoles have held back graphics progress for all this time since they are limited to 512 MB VRAM for the XBOX 360, 256 MB VRAM + 256 MB system RAM for the PS3, so 1 GB VRAM has been sufficient up to now. This situation will rapidly change once the next generation consoles are released next year, and developers will adjust accordingly. VRAM will only become more and more important in the future, so stock up now.